What is Polygon(Matic)? And why it's important for Ethereum? Let's study the asset that rose 12400% in 5 months.

What is Polygon(Matic)? And why it's important for Ethereum? Let's study the asset that rose 12400% in 5 months.

If you followed the latest news surrounding the Cryptoverse over the past week, you would have heard about Polygon(previously Matic network) a couple of times. And if you wondered what Polygon is, this article might help you.


What is Polygon?

Polygon(previously Matic network) was founded in 2017 by three experienced blockchain coders from India, Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun. Polygon is the first well-structured platform for Ethereum scaling and infrastructure development. It improved Ethereums ability to handle a large number of transactions at once. Polygon refers to themselves as Ethereum's Internet of blockchains. It aims to transform Ethereum into a multi-chain ecosystem with secured Layer 2 chains and standalone chains. This multi-chain system is similar to that of Polkadot, Cosmos, etc. But Polygon is more efficient. The latest developments in Polygon aim to increase cryptocurrency acceptance by addressing scalability issues across blockchains, for building interconnected blockchain networks. Its system also enables the development of decentralized financial apps(DeFi). Matic is the native token of Polygon which is an ERC-20 token that runs on Ethereums blockchain.


Why the price of Matic rise recently?

Even though Matic network developed much and became Polygon, its native token Matic hasn't changed much. Regardless, the price of the token has risen nearly 12400% in the span of 5 months. That's right, the price of the token on 01 January was $0.0176, it is currently trading at $2.20, an upward movement of nearly 12400%.

This rise was possibly due to the development of the Polygon network. The price of the token reached $2.68 to its all-time high just before falling along with other cryptos in the crash last week. Now the token is on a comeback, fueled by Billionaire investor Mark Cuban. Cuban recently added Polygon to his Crypto portfolio and said he is feeling positive about the Polygon Networks projects. After this news, the price of the token skyrocketed and moved nearly 150% upward, now trading at $2.20.



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